The Kolhapur Municipal Corporation (KMC) faces the challenging task of revising property taxes to increase revenue. To expedite the process, the civic administration has formed teams of employees to conduct a property survey of 1.35 lakh properties. The involvement of civic employees from the property tax department ensures transparency, but the inclusion of employees from other departments raises concerns about expertise in property assessment. To prevent corruption and ensure fairness, the KMC plans to have a senior official independently review the survey process.Read more

The Maharashtra State Government has reduced stamp duty for self-redevelopment projects, benefitting existing flat owners. With a nominal stamp duty of Rs 1,000, the aim is to revitalize housing societies and provide affordable options. However, homebuyers from the open market will pay prevailing rates. The State Housing Federation supports this move and suggests implementing a single-window system. Maharashtra's commitment to self-redevelopment is evident through policy implementation. Consumer organizations call for further stamp duty reductions to encourage more projects. This progressive step reflects the government's vision for affordable housing and sustainable urban development.Read more

IFL Home Finance secured a $50 million loan from the US International Development Finance Corp (DFC) to expand its affordable housing finance portfolio with a focus on sustainable housing. The loan, obtained at a concessional rate, highlights the growing confidence of international investors in India's affordable housing sector. This marks the second debt-raising endeavour for IFL Home Finance this year. The company caters to economically weaker sections and lower-income groups, with home loans being a significant part of its offerings. The recent funding reinforces the commitment to driving inclusive growth and sustainable development in the housing sector.Read more

Uttar Pradesh is set to revolutionize property tax calculations in smaller cities and towns, aiming for self-sustainability and increased revenues. Despite manual methods in Nagar Palikas and Nagar Panchayats, the government, led by Yogi Adityanath, is determined to implement GIS-based reforms in all 17 municipal corporations. Starting in the populous Nagar Palikas, the reforms expect a substantial revenue surge. GIS technology has shown success in Lucknow, with a 35 percent increase in tax collection in one year. The government also contemplates revising the property tax slab for unregistered commercial properties.Read more

The AMC plans to auction five properties in Law Garden and Swastik Society to recover outstanding property tax dues. The auction is scheduled for the final week of July, with failing property owners facing non-compliance consequences. The AMC aims to reclaim the dues and return the surplus amount to the original owners. If no bidders emerge, the AMC will take possession of the properties. The AMC has collected Rs 842 crore in taxes since April, surpassing last year's figures by Rs 220 crore, highlighting their commitment to tax recovery.Read more

The Indian real estate sector experienced a significant influx of private equity investments worth USD 13 billion in the second quarter of 2023. This surge in capital highlights the growing confidence of global investors in the country's real estate market, driven by rising demand for commercial and residential properties and government initiatives to improve transparency and ease of doing business. The commercial real estate segment has attracted substantial investment, while the residential sector has witnessed increased buyer demand and government incentives. Foreign institutional investors and global PE firms have been actively investing in major real estate projects, particularly in Mumbai, Delhi-NCR, and Bengaluru.Read more

Prestige Estates Projects has acquired a prime sea-facing land parcel in south Mumbai for over Rs 704 crore, setting a new benchmark for land prices. The plot, valued at over Rs 306 crore per acre, was purchased from DB Realty's subsidiary. Prestige Group plans to develop luxury residential towers on the plot, further expanding its presence in Mumbai's luxury real estate market. Additionally, Prestige Estates Projects has obtained complete ownership of two key projects in central Mumbai. The ongoing market consolidation favours established developers, leading to increased activity in land transactions across major property markets.Read more

hBits, a tech-enabled fractional ownership platform, has received regulatory approval from SEBI to establish a Rs 500 crore alternative investment fund for commercial real estate. With a focus on Grade-A projects, hBits aims to provide investors with fractional ownership opportunities and target an impressive return rate of 18–20 percent. This milestone solidifies its position as an industry heavy weight, enabling it to shape the future of commercial real estate investment. With existing assets under management of Rs 220 crore and a growing user base, hBits is well-positioned to revolutionize the real estate landscape.Read more

The Delhi government has announced an increase in transfer duty on immovable property transfers, which has received mixed reactions. The enhancement applies to registration of instruments exceeding Rs 25 lakh, with the duty increasing from 2% to 3% for females and from 3% to 4% for males and other entities. Critics argue that this increase will burden home buyers and potentially dampen the real estate market, while others believe the market will gradually adjust. The counter viewpoint suggests the increase is necessary for generating revenue and funding development projects but fails to consider the potential negative consequences on the market.Read more

The House of Abhinandan Lodha (HoABL) announces a monumental investment of Rs 1,200 crore dedicated to the development of Ayodhya, aligning with the government's vision of establishing it as a global spiritual capital. This investment signifies HoABL's belief in Ayodhya's potential as a cultural and economic powerhouse. With the inauguration of their state-of-the-art office in Ayodhya, HoABL solidifies its commitment to the city's growth and prosperity. The investment extends beyond Ayodhya, as HoABL pledges an additional Rs 3,000 crore investment in the state, aiming to create lasting impacts. Esteemed guests and dignitaries graced the inauguration, emphasizing the significance of the investment and affirming Ayodhya's prominence on the global stage.Read more